Money Saving Tips

With chancellor George Osborne confirming that inflation is likely to remain between 4 and 5% for 2011, it's clear the pressure on our finances isn't going to let up any time soon.

Indeed, the Office For Budget Responsibility recently claimed that inflation would outstrip salary growth until 2013.

So to help you keep spiralling costs in check and stretch your budget as far as it'll go, we've found for you the top 4 money saving tips. These are probably the most common tips and tomorrow we will give you another 5 some you may not off thought about.

Switch to a lower mortgage rate

It makes most sense to start with our biggest monthly outlay - and for most of us that's our mortgage.

If you're after a fixed-rate mortgage, it's probably best to act sooner rather than later. Rates have been rising in recent months, as banks start making provisions for a rise in the base rate. If you do have savings, you could consider an offset mortgage. This type of mortgage allows you to pit your savings against your loan. With savings rates so low, this could prove an attractive option. You don’t need a vast savings pot to see the benefits, either.

Cut Your Weekly Shop

Supermarket costs have soared and are continuing to eat into everyone’s weekly budget, but there are simple steps you can take to save a significant amount of money over the year.

By ditching premium brands for own-labels and even adding the odd budget brand you can easily save as much as 15%. At £100 a week, that’s a £720 saving over the year.

It's also worth noting that many supermarkets slash prices on fresh produce by as much as 75% between 7pm and 9pm. Keep an eye out for vouchers and coupons, too.

Make Your Own Lunch

OK, we know this is one of those really silly money-saving tips that everyone's heard before, but the fact is it saves you a lot of money.

And the concept of bringing your own lunch to work is no longer naff. Research from Abbey found one person in five has started taking a packed lunch to work in the last 12 months in a bid to save money.

You’re at work about 224 days a year, allowing time off for weekends, bank holidays and the basic 20 days holiday. So if you spend £4 a day, that's £896 a year. And that's money that most of us can ill-afford to waste.

Combine your broadband, landline and TV

Keeping tabs on whether you have the most competitive deal for your phone, broadband and TV has become increasingly difficult, with so many accounts to manage every month.

So by combining your phone, television and broadband packages, or your mobile and broadband tariffs you cut down on hassle and can also save yourself a bundle in the process. Many deals offer free broadband to existing customers.

The deals you’re likely to be offered depend on the tariffs you’re already on, the area you live in, and sometimes how long you’ve been with the company. But shopping around will save you a small fortune.